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Three Brixmor Execs Resign

Three Brixmor Execs Resign

Reuters Article

Brixmor’s top executives exit after accounting review, shares plunge

Shopping center owner and operator Brixmor Property Group Inc said its CEO and two other top officers resigned after an internal review found that its financial statements were tampered with, sending its shares down as much as 25 percent.

The company said on Monday its quarterly statements had been tampered with to show consistent growth in same-property net operating income.

“The board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the audit committee review,” Chairman John Schreiber said in a statement.

Brixmor was taken public in 2013 by Blackstone Group LP. As the company’s largest shareholder, the private equity firm holds a 36.24 percent stake, according to Reuters data.